The world’s largest gold deposit worth more than $80 BILLION is discovered in China – containing 1,000 TONS of precious metal
The world’s largest gold deposit has been discovered in China’s central Hunan province – and geologists believe it could contain 1,000 tonnes of the precious metal.
At current prices, this ‘supergiant gold deposit’ could be worth more than $80 billion (£63 billion), making it the richest source of gold on Earth.
Scientists from the Geological Survey of Hunan Province (GBHP) say they have discovered more than 40 veins under the Wangu gold field in Pingjiang province.
Drilling shows that there are already more than 300 tons of gold in the veins that are less than 2,000 meters deep.
However, further 3D modeling suggests there are veins containing another 700 tonnes and extending to a depth of 3,000 meters (9,800 feet).
Rock samples taken at the site show that each ton of ore could contain as much as 138 grams of pure gold.
This would be a truly astonishing level of wealth, as ore is considered high grade if it contains only eight grams per tonne.
Chen Rulin, an ore prospecting expert at GBHP, told state media: ‘Many drilled rock cores showed visible gold.’
The world’s largest gold reserve has been discovered in China and is believed to contain more than 1,000 tons of the precious metal (stock image)
The gold reserve was found beneath the Wangu gold field in Pingjiang County, part of China’s central Hunan province
Using ore exploration techniques and 3D geological models, geologists have mapped the structure of the vast mineral veins beneath the Wangu goldfield.
The discovery even surpasses the 900 tonnes buried in the 3,000-metre-deep South Deep mine in South Africa, which was previously the largest reserve in the world.
And the geologists behind the find say there may be more veins to be found.
GBHP told state media that gold was also found during exercises around the edges of the site, raising the prospect that there could be veins that have not yet been discovered.
Chinese officials have not yet announced plans to develop the site, but it is likely that the Wangu gold field will soon become one of the country’s largest mining projects.
Currently, the country’s largest gold mine is the Xiling Gold Mine in Shandong Province, a coastal region in eastern China.
But even that mine, with its massive deposit of 580 tonnes, would only be almost half the size of any mine built above the Wangu goldfield.
Gold prices fell on news of the discovery and rose to near-historic highs in the following days.
Scientists from the Hunan Province Geological Survey (pictured) told state media they had found more than 40 veins of extremely pure gold ore, worth $80 billion (£63 billion).
Amid rising geopolitical tensions and increasing uncertainties, the gold price has already risen over the course of 2024.
But when news of the Wangu goldfield broke, gold prices briefly rose to £2,171 ($2,759) last weekend.
China is already one of the largest gold producers in the world, accounting for 10 percent of global production.
Earlier this year, estimates put the country’s total gold reserves at more than 2,000 tons.
However, China is also a huge market for gold and currently consumes more of the precious metal than it can produce.
Years of rapid economic development and a rapidly growing middle class have fueled the demand for gold as a form of investment for many Chinese citizens.
In the first three quarters of this year, China consumed 741 tons of gold while producing only 268 tons, leading to huge import flows.
As demand for this metal rises, the country has become increasingly concerned about the need to strengthen domestic supply.
Drilling revealed rock samples containing as much as 138 grams of pure gold per tonne. Gold ore is considered high-grade if it contains only eight grams per tonne. Pictured: Geologists drilling for rock samples in the Wangu goldfield
The Hunan Provincial Geological Institute says this discovery “could be significant in helping protect the security of the country’s resources.”
The discovery comes as China embarks on its massive SinoProbe II project, which aims to produce a detailed underground atlas of the country.
From early next year, thousands of researchers will begin drilling to record depths to reveal the structure of rock layers miles below the surface.
The six-year study will not only resolve long-standing scientific questions, but also reveal China’s vast mineral wealth and reduce the country’s dependence on imports.